This move is yet another example of Tencent’s strategy of fostering internal competition to increase overall market competitiveness. Other companies competing in this space include HUYA, a game streaming platform, and Momo, a chat and social company.
Shenzhen-based Tencent released their first social app of 2020, a video dating app called Qingyuan, which arranges blind dates via video call. This launch comes right on the back of Tencent’s other social dating app Huanyu, which was launched in December 2019.
The app incorporates the virtual gifting feature popular with many streaming platforms like YY and Douyu. Unlike Tencent’s last dating app, Qingyuan requires real name ID authentication to register and asks users to fill out their preferences for dates.
Qingyuan will be part of Tencent Music Entertainment (TME), a music based spin-off from Tencent. TME has benefitted from the success of its social services, which makes up a significant portion of their revenue. The company still has lots of room for growth in terms of revenue from music streaming services.